On Friday, Emap announced it was to sell the magazines and radio stations to the publisher of Bella and Take a Break for £1.14bn and return £1bn to shareholders, which was considerably less than hoped for.
However, it failed to sell off its prized business-to-business publishing operation, which had a price tag of £1.3bn.
Bids for this division came in under value, leaving Emap to say it plans to soldier on as a focused business-to-business publisher.
A report in the Sunday Times said that a number of shareholders are now considering voting against the £1.14bn deal, as part of which brands such as Heat, Grazia and Kiss FM are to be sold at the extraordinary meeting in January.
One investor told the paper: "If they think this has been successful, then we have a different view. This has got to be approved. If we start talking to all the other shareholders we have got to think about whether we vote this thing down."
Emap shares fell sharply last week having opened at 844.5p and then slid throughout the week. They have fallen by over 100p and were down again this morning by 12p, or 1.6%, to 734.5p.
Emap chairman Alun Cathcart responded to the report by saying he was confident that the deal would go through.
Meanwhile, the Financial Times reported on Saturday that losing bidders are hoping that, if Bauer is successful, it will dispose of some of the non-core titles via an extended auction process.
Some of the title that Bauer could offload include the likes of Trout & Salmon, Angling Times and Architectural Review, which do not fit with its mainly women's magazine business.
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